Economists have called the latest unemployment numbers shocking.
South Africa’s unemployment rate increased in the second quarter of 2019 to 29% from 27.6% – it’s highest since 2008.
South Africa’s #unemployment rate increased to 29,0% in Q2:2019, up by 1,4 percentage points from Q1:2019. This is the highest level recorded since the introduction of the QLFS in 2008. The highest level was 29,3% in March 2003 #StatsSA https://t.co/yyznAhpneT pic.twitter.com/noSNDr00dP
— Stats SA (@StatsSA) July 30, 2019
There are now 6.7 million people without work in South Africa, up from 6.2 million people in the first quarter of 2019.
Economists say the numbers are a reflection of how bad the economy is doing.
Inkuzi Wealth Group Economist Owen Nkomo says the unemployment statistics are disheartening.
“These are signs of our time we are leaving at, at the moment. The economy is under pressure. We see everyday people being retrenched. That number to move from 27.6% to where it is now is quite disheartening. The number is just very high and I don’t think it’s going to improve anytime soon because we have all these challenges that we are dealing with from a structural perspective of the economy and globally. The world economy is starting to come under pressure. It’s going to be hard to attract investors into the country and (this) will put the rand under pressure and it will give other people, who are thinking about retrenchments, the right to make the final call because everyone else is doing it.”
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